In June 2021, Keep Network, making a pivotal decision to merge with NuCypher and create the Threshold Network, is increasingly gaining recognition for its robust stance on security and privacy within the blockchain sphere. As blockchain technology steadily paves the way for mainstream adoption, Keep Network stands out as a solution-provider, effectively eliminating the two primary obstacles holding back the industry. In this in-depth guide, we explore the intricacies of the Keep Network (KEEP): What is KEEP? What are its strengths and weaknesses? These are some of the most pressing questions we address.
Unlocking the World of KEEP Coin
At the heart of the Keep Network lies an incentivized network, designed to store and encrypt private data on a public blockchain. KEEP empowers developers to create entirely decentralized applications (dApps), offering a solid solution to tackle the challenge of data privacy. The native token of the Keep Network is known as KEEP Coin. This token acts as the work token ensuring the complete decentralization of the Keep Network.
Keep Network Project and Its Whitepaper
KEEP is on a mission to address the issue of making data on public blockchains accessible to all. This project achieves full decentralization by leveraging off-chain data containers for private data, all while preserving privacy with its KEEP token. Offering a privacy-focused infrastructure for the broader blockchain, Keep Network allows the use of private data in protocols without compromising confidentiality.
Keep Network’s approach to decentralization is underpinned by its KEEP token. KEEP tokens play a crucial role in ensuring the security of the KEEP and tBTC. One remarkable creation that showcases the potential of Keep Network is tBTC, a Bitcoin bridge on the Ethereum blockchain. With tBTC, the price is pegged to Bitcoin, enabling BTC holders to seamlessly navigate the Ethereum blockchain while reaping the benefits of DeFi.
Who Are the Founders of KEEP Coin and Where Are They From?
The KEEP was founded in 2017 by Matt Luongo and Corbin Pon, both part of the team behind Fold, a Bitcoin rewards app. Polychain, Andreessen Horowitz, Draper Associates, Collaborative Fund, and ParaFi, among others, were the initial supporters of the project.
Use Cases of KEEP Coin
The KEEP token serves various purposes within the Keep Network ecosystem. These use cases include:
- Securing the Keep Network and tBTC through staking.
- Running random beacon and ECDSA nodes on the network.
- Earning fees for providing work on the network.
- Ensuring the operation of tBTC.
- Bonding ETH for tBTC signers to take on more significant roles.
What Sets Keep Apart?
The Keep Network is the pioneering privacy-focused infrastructure behind tBTCv2, the only truly decentralized Bitcoin solution on Ethereum. By merging the Keep and NuCypher networks to create the Threshold Network, the project provides complete control over digital assets. Keep Network emphasizes censorship resistance and privacy, especially when it comes to interacting with off-chain containers for smart contracts, without compromising transparency and auditability.
Advantages and Challenges of KEEP Coin
KEEP recognized the need for a truly decentralized network and met this need without sacrificing privacy, and in doing so, it gained significant advantages. Here’s a glimpse of the advantages and challenges of the project:
Advantages:
- Offers a staking mechanism for passive income.
- Allows Bitcoin holders to access DeFi advantages through tBTC.
- Maintains privacy and security rigorously.
- Completely decentralized and transparent.
- Listed on major exchanges, except for Binance.
Challenges:
- Not listed on Binance.
- Faces competition from DeFi projects.
- Hardware wallet storage may be necessary to mitigate the risk of attacks and theft.
In conclusion, Keep Network is a unique project in the world of DeFi, offering innovative solutions while prioritizing security and privacy. Its prominent features make it stand out in the crypto industry. As with any investment, potential investors should weigh the pros and cons, considering the market’s volatile nature. For further insights, Zatrun.com has conducted an in-depth review of the Keep Network, offering valuable information to make informed decisions.
